Developer Kevin Carlin spent $30m building the "beyond five-star" boutique Hallenstein St hotel, which opened in April 2022.
The following March, he listed the building for sale for $35m.
Last October, secured creditor Pablo (Aust) Pty Ltd bought it for $20.71m, according to the latest receiver’s report into Ex CHPML Ltd, formerly Carlin Hotel Property Management Ltd.
Pablo owned three of The Carlin’s units, along with two carparks. The remaining six units and four parks were owned by Queenstown Views Villas Ltd (QVVL).
Ex CHPML had operated the hotel, while another company, Ex TCHL (formerly The Carlin Hotel Ltd), owned its intellectual property.
Two months after Mr Carlin suddenly died in December 2023, Ex CHPML and QVVL were put into receivership.
At the time, the companies’ combined debt was $45m, $40m of which was owed to Pablo.
Last July, Ex TCHL was also put into receivership, owing Pablo about $12.5m.
In September, it and Ex CHPML were placed into liquidation. The following month, Pablo bought The Carlin’s business and assets.
In their third report into Ex CHPML, receivers Colin Gower and Diana Matchett, of BDO Christchurch, said that in April this year, a 2015 Porsche Cayenne was sold at auction for $24,000.
The Carlin is continuing to operate under Pablo’s management. The summary of receipts between August 26, 2024 and February 25, 2025, shows accommodation revenue totalled $271,683. Food and beverage sales totalled $388.
To date, Pablo had received $403,510 from Ex CHPML and another $967,000 was owed.
Preferential creditor Inland Revenue was owed $317,000, while unsecured creditor claims totalled $3.9m.
It was unlikely there will be any funds for unsecured creditors, the receivers said.
Payments for the period totalled $1,017,185, which included $403,201 to the appointer, a $274,500 "internal transfer" to QVVL, $58,557 in wages and salaries, $42,201 for cleaning services and $25,365 for advertising and marketing.
The receivers’ latest report for QVVL showed building materials had been sold, via online auction, raising $27,315.
An interim distribution was made to Pablo by that company in October, totalling 20.33m but $617,000 is still owed.
Unsecured creditors had made claims totalling $2m to date — any distribution was unlikely.
